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Holding Onto Recent Gains

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and the bull trigger
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2641 50-day EMA
  • RES 1: 1.2629 High Mar 25
  • PRICE: 1.2595 @ 06:45 GMT Mar 30
  • SUP 1: 1.2516 Low Mar 23
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

The recent USDCAD recovery remains intact and the pair is holding onto gains. Although the move higher is considered corrective, the current bullish tone signals scope for an extension of the upleg. The pair has cleared the 20-day EMA and the focus is on the 50-day EMA at 1.2641. On the downside, initial firm support is seen at 1.2516, Mar 23 low. A break would refocus attention on major support at 1.2365.

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